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EUR/GBP Technical Analysis: Rally Sets Sights on 0.87 Figure

EUR/GBP Technical Analysis: Rally Sets Sights on 0.87 Figure

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices took out resistance at 0.8582, the 23.6% Fibonacci expansion, exposing the 38.2% level at 0.8688. A further push beyond that aims for the 50% Fib at 0.8775. The 0.8582 mark has been recast as near-term support, with a move back beneath that eyeing a rising trend line set from late April, now at 0.8498.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Rally Sets Sights on 0.87 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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